The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to a new study by Grand View Research Inc. The rise in the number of cyber-attacks during the pandemic kept the cyber security solutions’ demand upbeat in 2020. The trend is expected to continue post-pandemic and over the forecast period owing to several firms adopting hybrid working and BYOD trends resulting in an increase in the number of endpoint devices and anonymous network access, putting the organization's IT systems at risk.
Cyber Security Market Report Highlights
· In hardware segment is expected to exhibit a high growth rate of more than 12% over the forecast period owing to the deployment and upgradation of new hardware for supporting advanced cyber security solutions.
· In terms of infrastructure protection, the cloud security segment held the highest revenue share of more than 25% in 2022. Critical infrastructure programs introduced by governments worldwide are expected to drive the growth of this segment.
· The IDS/IPS segment is expected to register the highest growth of more than 10% over the forecast period. The increasing need for real-time threat detection across unknown networks is anticipated to fuel the market growth.
· The managed services segment is expected to grow at highest growth rate owing to increasing number of organizations outsourcing IT security services such as consultation, implementation, and maintenance.
· The on-premises segment accounted for highest market share of more than 60% in 2022. The high share is attributed to the preference for on-premises solutions by large organizations to maintain confidentiality of their business information.
· Large enterprises held a high market share of more than 60% in 2022 owing to increased spending on IT security solutions to secure large number of end point devices and IT infrastructure equipment.
· The government/defence segment accounted for more than 20% of the overall market in 2022. The high share is attributed to and growing investments by governments worldwide to strengthen defences against cyber-attacks.
· Asia Pacific is expected to register the fastest growth over the forecast period owing to a large number of end point devices and the increasing number of data center constructions
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Cybersecurity is a critical and ever-evolving field that safeguards our digital world from an array of threats. With the rapid expansion of technology and interconnectedness, protecting sensitive information, infrastructure, and individuals from cyberattacks has become a paramount concern. Cybersecurity experts employ a combination of proactive measures and responsive strategies to detect, prevent, and mitigate potential risks. These measures include robust firewalls, encryption protocols, multi-factor authentication, and continuous monitoring systems. Additionally, staying vigilant against emerging threats, such as malware, phishing, and ransomware, is essential in maintaining a secure online environment. As technology advances, the importance of cybersecurity continues to grow, emphasizing the need for collaborative efforts among governments, businesses, and individuals to safeguard our digital ecosystem.
Cyber security Market Developments and Latest Trends
With the increasing adoption of cloud computing, organizations are focusing on cloud security solutions to protect their data, applications, and infrastructure in the cloud. Cloud security services such as Cloud Access Security Brokers (CASBs), Secure Web Gateways (SWGs), and Cloud Workload Protection Platforms (CWPPs) have been in high demand. The Zero Trust security model has gained popularity as a more effective approach to cyber security. It operates on the principle of "never trust, always verify," meaning that users and devices are not automatically trusted, and access is granted based on continuous authentication and authorization. Artificial Intelligence (AI) and Machine Learning (ML) are being increasingly integrated into cyber security solutions to detect and respond to threats more efficiently. These technologies enable better threat detection, behavior analysis, and automated incident response.
As the number of connected devices continues to grow, securing IoT ecosystems becomes paramount. IoT devices often have vulnerabilities, and cyber criminals can exploit these weaknesses. Therefore, IoT security solutions are in high demand to safeguard connected devices and networks. The cyber security industry is facing a significant shortage of skilled professionals. This shortage has led to increased competition for talent, and organizations are investing in upskilling their existing workforce and implementing automation to address the gap. Ransomware attacks have been on the rise, targeting both large organizations and individuals. Cyber criminals have become more sophisticated in their tactics, leading to increased demand for ransomware protection and incident response services.
Organizations have become more aware of the risks associated with third-party vendors and supply chain partners. Securing the supply chain has become a critical aspect of overall cybersecurity strategy. With the introduction of stringent data protection regulations such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act), organizations are focusing on compliance with these regulations and investing in cybersecurity measures to protect sensitive data. Biometric authentication methods, such as fingerprint recognition and facial recognition, are becoming more prevalent as a means to enhance user authentication and reduce reliance on traditional passwords.
The introduction of advanced cyber security solutions, increasing cost of data breaches, emerging enterprise mobility trends, and stringent government regulations are some of the factors expected to drive the market growth. The evolving cyber threat landscape requires sophisticated cyber security solutions that facilitate real-time threat detection and response while also helping in cutting down data breach costs. Further, several governments worldwide have introduced data protection laws, compelling end-user organizations to deploy cybersecurity solutions to safeguard consumer data.
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The market is anticipated to face challenges related to a lack of skilled IT workforce and usage of unlicensed cyber security software, which is expected to hamper the market growth. The high cost of cybersecurity solutions compels several SMEs to deploy unlicensed solutions, which do offer protection but are largely ineffective against new threats and are often accompanied by trojan, viruses, worms, adware, and spyware, which may put the organizations' security at risk. Further, cyber security vendors are engaged in developing advanced cyber security solutions with ML and AI technologies, but several organizations face an acute shortage of skilled workforce to keep up with cyber security trends and deploy cutting-edge solutions.
Segmented the global cyber security market report based on component, security type, solution, services, deployment, organization size, application, and region
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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